If you are ready to make the move and buy your new home and sell your current one, you need to consider the costs involved.

As the saying goes, you have to spend money to make money.

But how much?

The three main costs when selling your home:-

Agent’s Commission – the agents normally set their commission at around 2 to 3.5% of the sale price of your home, however, this can vary. This fee is payable once the home has been sold and encourages your Agent to achieve the best possible price. Consider it a success fee for the agent.  Based on a $1 million sale price, they would be paid between $20-35k.

Marketing fees– these are usually required upfront. They should be fully itemised and will be passed on to you. Depending on your property, there can be quite a range of costs, from $2K up to $20k. The type of marketing used can also be Suburb dependent – if your area is heavily searched with many ‘clicks’, the price may be higher to ensure that your property gets the coverage to ensure that you get the highest price possible

Legal Costs– Depending on complexity and state can range from $2-$5k.

Other costs to consider– Is your home sale ready? Spending some money getting your home ready for sale- house washing/cleaning, painting, window furnishings, floor coverings, landscaping, or adding styling to your property could potentially add 10-20% to the final value of the property.

Do your research when looking to sell and interview to find the right Agent for you!